Jim's Oil & Mining Letter - September 21, 2025

Last Call: Pre IPO Opportunity in a Growth-Focused Gold Mining Business

• Equity raise for the restart of a fully equipped gold mine in Brazil with a 4 million ounce resource and full infrastructure

• Current low company valuation with near term upsides for significant re-rating: production start and public listing

• Focused on growth with multiple hub and spoke mines in vicinity including high-grade targets

• Strong management team successfully restructured balance sheet

• Offering closes September 30, 2025

Find out more

Interesting news last week:

Arizona Copper and Gold (ACG) entered into a LOI with Core Nickel (CNCO.V CNCOF) for a reverse takeover, with plans to rebrand as Arizona Eagle Mining Corp. upon completion. Core is to acquire all ACG shares via a share exchange, expected at a 1:1 ratio post-consolidation. Concurrently, ACG is to raise $5 million through subscription receipts at $1.50 per share, with the proceeds to be used for working capital and deal costs. Core will consolidate its shares 10:1, change jurisdiction to Ontario and adopt a new board nominated by ACG. The resulting issuer will focus on ACG’s Eagle Project in Arizona, while retaining Core’s Thompson Nickel Belt portfolio (Mel deposit) in Manitoba. TSXV approval and definitive agreement is expected by September 30, 2025, with closing targeted by 31 December 2025. Trading in Core is halted pending review.

IAMGOLD (IAG IMG.TSX) reported assay results showing extended mineralisation at its Nelligan and Monster Lake projects in Quebec. The programme delivered wide and high‑grade intercepts, and drilling will continue to support future resource updates. Results from 2025 drilling confirmed extensions of mineralised zones at Nelligan (from 27 holes, 11,583 metres) and Monster Lake (from 16 holes, 10,137.5 metres). Nelligan highlights include Zone 36 with 36.5 metres at 3.03 grams per tonne gold (NE-25-265) and Renard with 11.9 metres at 1.98 grams per tonne gold and 1.5 metres at 115.5 grams per tonne gold (NE-25-256A). Footwall returned up to 7.5 metres at 7.48 grams per tonne gold. Monster Lake highlights include Megane Zone with 9.0 metres at 23.4 grams per tonne gold including 0.7 metres at 191.5 grams per tonne gold (ML-25-292) and Lower Shear Zone with 4.9 metres at 127.3 grams per tonne gold including 0.65 metres at 857 grams per tonne gold (ML-25-283). Next steps include continued step‑out and infill drilling to test depth extensions and improve resource classification, with results being incorporated into models for future Mineral Resource updates.

Aya Gold & Silver (AYA.TSX AYASF) confirmed an 8.0 kilometre gold zone at Asirem and reported high-grade intercepts from the Boumadine Main Trend and Tizi Zone in Morocco. The company expanded its footprint with two new licences, has drilled 102,979 metres year to date, and expects a Boumadine preliminary economic assessment by year-end. The new 8.0 kilometre Asirem gold trend was confirmed west of Boumadine with intercepts including 1.52 grams per tonne gold over 4.3 metres (BOU-DD25-629) and 4.53 grams per tonne gold over 1.0 metre (BOU-DD25-632); grab samples showed up to 12.20 grams per tonne gold and 4.1% copper. The Boumadine Main Trend returned high-grade results such as 369 grams per tonne silver equivalent over 9.0 metres including 535 grams per tonne silver over 4.2 metres (BOU-DD25-584) and 271 grams per tonne silver equivalent over 10.2 metres including 692 grams per tonne silver equivalent over 2.6 metres (BOU-DD25-589). Tizi Zone drilling included 272 grams per tonne silver equivalent over 4.6 metres (BOU-DD25-550). Two new mining licences added 25.1 square kilometres (total 339.3 square kilometres), 102,979 metres have been drilled in the year to date and the Boumadine Main Trend preliminary economic assessment is expected by the end of 2025.

Miata Metals (MMET.CN MMETF) reported strong drill results from its Sela Creek project in Suriname, with bonanza grades at Puma and wide mineralised zones at Golden Hand, supporting the district-scale potential of the project. At the Puma target, 5.3 metres at 6.57 grams per tonne gold from 37.3 metres, including 2.5 metres at 13.10 grams per tonne and 0.5 metres at 51.16 grams per tonne. The intercept ties directly to artisanal adit samples up to 194.2 grams per tonne. At the Golden Hand target, 14 metres at 1.72 grams per tonne gold from 164 metres, including 4 metres at 4.85 grams per tonne and 1.2 metres at 7.8 grams per tonne, with broad mineralised halos around high-grade cores. Exploration progress has been recorded. Four confirmed targets now demonstrate grades and widths typical of orogenic gold systems, with potential for multiple open pits. Next steps include ongoing drilling, trenching, and auger sampling, plus re-evaluating the Jons trend where historical drilling returned 42 metres at 1.22 grams per tonne gold.

Neometals (NMT.ASX NMTAF) announced it has sourced previously unreported historic drill assays for the Ironclad deposit at Barrambie Gold, adding 2,271 assays from 61 holes. The data, which includes high-grade intercepts, will guide upcoming drilling and MRE work, with appropriate caution applied to its historical nature. Notable intervals include 3.0 metres at 95.7 grams per tonne gold (from 20 metres, Hole SG199), 17.0 metres at 6.50 grams per tonne (from 23 metres, including 7.0 metres at 11.35 grams per tonne, Hole SG229), and 17.0 metres at 4.42 grams per tonne (from 33 metres, Hole SG234). Results are historical, not reported to JORC standards and not independently verified, thus they are indicative only. Next steps include RC drilling in the December quarter at Barrambie Ranges, follow-up at Mystery mine and resumption of infill and extension drilling at Ironclad.

Reconnaissance Energy Africa (RECO.V RECAF) announced the upsize of its underwritten offering to C$18 million (30,000,000 units at a price of C$0.60 per unit) for the advancement of operational activities on its Ngulu Block, Offshore Gabon, and provided a drilling update for the Kavango West 1X exploration well. ReconAfrica's strategic partner, BW Energy, will be investing alongside other investors in the offering. Each unit will be comprised of one common share and one common share purchase warrant entitling the holder to purchase one common share at an exercise price of C$0.72 at any time up to 24 months from closing of the offering. The company will use commercially reasonable efforts to obtain the necessary approvals to list the Warrants on the TSX Venture Exchange. The net proceeds from the offering will be used for activities related to the advancement of appraisal and exploration expenses in respect of the Ngulu Production Sharing Contract, including acquiring geological and geophysical studies, reprocessing of the 3D seismic data, the advancement of the initial development well in the existing proven oil discovery at the Loba Complex and for general corporate purposes and working capital. Meanwhile, the Kavango West 1X exploration well, which spud on July 31, 2025, has been drilled to a depth of ~2,300 metres and intermediate logging is currently underway. Once casing has been set at this depth, the company plans to drill through ~1,500 metres of Otavi reservoir zone before reaching total depth of ~3,800 metres. Drilling remains on schedule with well results expected in Q4 2025.

Pantheon Resources (PANR.L PTHRF) announced that it will begin a two-week hydraulic fracture stimulation at Dubhe-1 around the week of 29 September. Flow testing will follow via a temporary production system, with an extended test to collect development data. Equipment is being mobilised to the Dubhe pad from Alaska and Canada. Hydraulic fracture stimulation is expected to take about two weeks, led by Element Technical Services, although operations remain subject to State of Alaska approval. Dubhe-1 was drilled to 15,800 feet measured depth with ~5,200 feet in the SMD-B target. Casing has been installed and cemented to surface. Completion will use plug-and-perforate, sand-propped stages, followed by coiled tubing drill-out and production tubing installation. Flow testing via a temporary system will follow, with up to ~10 days of initial water cleanup and an extended test planned.

Pulsar Helium (PLSR.V PSRHF PLSR.L) reported sustained 7–8% helium at Jetstream #1 and similar grades for Jetstream #2 at its Topaz project in Minnesota. Jetstream #1 showed strong deliverability and high CO₂ content, while Jetstream #2 will undergo a cleanout to address blockages. Laboratory analysis confirms sustained 7–8% helium in Jetstream #1, validating a helium‑rich reservoir. The well recorded up to ~1.3 million cubic feet per day under compression (≈501 thousand cubic feet per day natural peak), with dry gas and minimal impurities. Gas composition includes ~75–80% CO2 and <3% methane, supporting potential CO2 by‑product capture and simplified processing. Jetstream #2 returned helium up to 8% and higher shut‑in pressure (~151 pounds per square inch). Sustained flow was impeded by blockages, with a targeted cleanout programme planned.

Eco (Atlantic) Oil & Gas (EOG.V ECAOF ECO.L) announced that it has agreed to farm out its 85% interest in PEL 98 to Lamda Energy, subject to ministerial approval, and obtained a 12‑month licence extension across its Namibian petroleum exploration licences to September 2026. Updated seismic work programmes were approved, with the ECC is already in place. The company agreed a farm-out of Eco’s entire 85% interest in PEL 98 (Block 2213) to Lamda Energy, with Lamda to assume all obligations, Eco to retain a board seat, and contingent payments of up to $2 million on any future Lamda farm-out. Eco also secured a 12‑month licence extension across PELs 97, 98, 99 and 100 to September 2026, with optional renewals of 2 years, then 1 year, then a further 2 years. New work programmes are planned with 3D seismic reprocessing on PEL 97 and ~1,000 square kilometres of 3D seismic acquisition and processing on each of PELs 99 and 100. The Environmental Clearance Certificate for planned seismic across the portfolio was granted on 15 June 2025 and Eco is engaging further potential partners for farm-downs and seismic operations.

Corcel (CRCL.CN CRLEF CRCL.L) announced that its subsidiary APEX has awarded BGP the KON-16 2D seismic acquisition programme in onshore Angola. Work is planned for Q4 2025 with processing in Q1 2026 and results in Q2 2026, advancing the 2026 drilling preparation. BGP is to acquire 326 line-kilometres of 2D seismic over KON-16, onshore Angola. Acquisition is targeted to start in Q4 2025 and finish before year-end, subject to permits. Seismic processing is scheduled for Q1 2026, with results expected in Q2 2026. New data lifts KON-16 seismic coverage by 227% over the existing 143 line-kilometres, advancing prospects towards drill-ready status in 2026. The campaign focuses on high-graded prospects in the Kwanza Basin and integrates with legacy seismic and 2024 eFTG data. The aim is to drill a high-impact well within KON-16.

Stamper Oil & Gas (STMP.V STMGF) resumed trading last week following its acquisition of BISP Exploration, which holds interests in a number of oil and gas blocks offshore Namibia: a 47% interest in WestOil, which holds a 70% working interest in PEL107 over oil block 2712A; a 5% carried interest in PEL 98 over oil block 2213; a 5% working interest in PEL 106 over oil blocks 2111A and 2011B (treated as carried in practice); and a 20% carried interest in PEL 102 over oil block 2614B.

The five blocks are located in three of the four major basins offshore Namibia including the prolific Orange basin, the emerging Walvis basin and in the Lüderitz basin. Block 2712A in the Orange basin is located northwest of prolific oil and gas discoveries made by Rhino Resources, Galp Energia and TotalEnergies. Blocks 2213, 2011B , and 2111A are located in the emerging Walvis basin where Chevron is planning to drill a well in 2026 or 2027. Additionally, the company has Block 2614B located in the southern portion of the Lüderitz basin, north of the Kudu Gas Field, where drilling is expected to commence in November 2025.

The deal has been financed via a brokered private placement of subscription receipts at a price of C$0.20 for aggregate gross proceeds of C$11,521,998.60. Following closing of the transaction, Grayson Andersen, most recently with Reconnaissance Energy Africa (RECO.V RECAF), was appointed as Stamper's CEO. Prior to ReconAfrica, Mr. Grayson worked for Frontera Energy (FEC.TSX FECCF) and GeoPark (GPRK), also spending five years at Canadian Natural Resources (CNQ).

The shares closed on Friday at C$0.18. With 4x more super-major activity in its basin areas and 3+ years additional geological knowledge and validation, will Stamper Oil & Gas now equal or exceed the performance of Sintana Energy (SEI.V SEUSF) whose share price rose over 1,000%

These are opinions only of the individual author. The contents of this piece do not contain investment advice and the information provided is for educational purposes only and no discussions constitute an offer to sell or the solicitation of an offer to buy any securities of any company. All content is purely subjective and you should do your own due diligence. No representation, warranty or undertaking, express or implied, as to the accuracy, reliability, completeness or reasonableness of the information contained in the piece is made. Any assumptions, opinions and estimates expressed in the piece constitute judgments of the author as of the date thereof and are subject to change without notice. Any projections contained in the information are based on a number of assumptions and there can be no guarantee that any projected outcomes will be achieved. No liability is accepted for any direct, consequential or other loss arising from reliance on the contents of this piece. The author is not acting as your financial, legal, accounting, tax or other adviser or in any fiduciary capacity.

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